Hyliion Inc. announces it has completed its business combination with Tortoise Acquisition Corp. (TortoiseCorp). The business combination, which was approved by TortoiseCorp stockholders on Sept. 28, 2020, will result in the combined company being renamed “Hyliion Holdings Corp.”, with its common stock being listed on the New York Stock Exchange (NYSE) under the ticker symbol “HYLN” and its warrants listed under the ticker symbol “HYLN WS”.
“The completion of our merger greatly accelerates Hyliion’s growth plans and unlocks the potential value of our business,” says Thomas Healy, CEO and founder of Hyliion. “The future of commercial trucking demands reduced carbon emissions and more sustainable transportation options. Our Hybrid and Hypertruck ERX electric powertrain solutions are designed to significantly reduce greenhouse gas (GHG) emissions and total cost of ownership, enabling our customers to meet both their sustainability and financial objectives. This transaction is a crucial milestone in our business plan as we gear up for full commercialization and the mass production of our solutions, enabling Hyliion to maintain its technology leadership and first-mover advantage.”
Through the business combination, Hyliion will receive approximately $560 million in proceeds to drive Hyliion’s continued development and the commercialization of its Hybrid and Hypertruck ERX electrified powertrain solutions.
“We are proud to have combined with Hyliion and look forward to working collaboratively with Thomas and the new board to make this transaction a long-term success,” says Vince Cubbage, chairman and CEO of TortoiseCorp. “Hyliion’s compelling value proposition includes offering the lowest-cost, longest-range and highest-payload option among existing and announced Class 8 commercial electric vehicles while also delivering important net-negative carbon emission profiles.”
Marathon Capital acted as the exclusive advisor to Hyliion and Barclays Capital Inc. acted as the exclusive advisor to TortoiseCorp. Cooley LLP and Wick Phillips LLP served as legal advisors to Hyliion and Vinson & Elkins L.L.P. served as legal advisor to TortoiseCorp. Barclays and Goldman Sachs & Co. LLC served as joint-placement agents to TortoiseCorp.
In conjunction with the closing of the merger and the new listing on the NYSE, Hyliion rang the opening bell at the stock exchange on Monday, Oct. 5.